Canadian Prime Minister Mark Carney said Friday that his country remains ready to resume trade negotiations with the United States whenever Washington is willing, after President Donald Trump abruptly terminated talks over a political advertisement aired by the province of Ontario.

“My colleagues have been working with their American colleagues on detailed constructive negotiations, discussions on specific sectors — steel, aluminum and energy,” Carney told reporters in Ottawa before departing for Kuala Lumpur, Malaysia, for his first official visit to Asia. “We stand ready to pick up on that progress.”

Carney added that Canada could not control the course of U.S. trade policy but would continue to pursue “new partnerships and opportunities, including with the economic giants of Asia,” signaling a shift in focus toward strengthening ties in the Indo-Pacific region.

The rift began when Ontario aired an ad in U.S. markets featuring former Republican President Ronald Reagan warning that tariffs spark trade wars and lead to economic disasters. The commercial, which ran during the Major League Baseball playoffs, angered Trump, who on Thursday declared that “trade talks with Canada are over.” The U.S. president accused Ottawa of attempting to influence the Supreme Court as it prepares to rule on his global tariff agenda.

White House economic adviser Kevin Hassett said Friday that the president’s frustration with Canada “has built up over time.” He told reporters that “the Canadians have been very difficult to negotiate with,” blaming a “lack of flexibility” for the breakdown in discussions.

“The fact is that the negotiations with the Canadians have not been very collegial,” Hassett told Fox News. “They’ve not been going well. I think the president’s very frustrated. He wants a great deal with Canada, just like he wants a great deal with Mexico.”

Carney’s government had earlier removed most of the retaliatory tariffs on U.S. imports that were imposed by his predecessor, signaling an effort to ease tensions and rebuild trust with Washington. The two sides had been working on a framework covering the steel and aluminum sectors before the talks were suspended.

Ontario Premier Doug Ford later said he would pause the controversial ads after the weekend “so that trade talks can resume.” Ford said he spoke with Carney before making the decision.

“Our intention was always to initiate a conversation about the kind of economy that Americans want to build and the impact of tariffs on workers and businesses,” Ford said. “We’ve achieved our goal, having reached U.S. audiences at the highest levels.”

The Ronald Reagan Presidential Foundation and Institute had earlier criticized Ontario’s use of Reagan’s 1987 radio address, saying the ad “misrepresents his speech” and was edited without permission.

While Carney reiterated that Canada remains committed to “constructive and fair” trade relations with the United States, analysts say his handling of Trump’s aggressive tariff strategy has exposed Ottawa’s lack of a clear long-term approach. Some economists argue that Canada has been too reactive — alternating between conciliatory and confrontational tactics — instead of developing a coherent counter-strategy.

Mexico, meanwhile, has quietly taken a different route. Several trade watchers describe the Mexican government’s stance as a “rope-a-dope” strategy: avoiding direct confrontation with Washington while absorbing short-term pressure to survive the next four years of Trump’s presidency. The approach appears to be working. Mexico’s tariffs, which were originally expected to take effect alongside Canada’s, have been postponed following a series of low-profile backchannel negotiations.

Canada, by contrast, has a prime minister determined to project toughness in the face of Trump’s populist economic nationalism. Twice now, Carney has had to retreat after direct showdowns with Washington — the latest being the Ontario ad controversy, which forced him to pull back and reaffirm his commitment to dialogue.

Critics say that while Carney’s instinct to stand firm is politically understandable, it risks playing directly into Trump’s narrative of dominance over America’s trading partners. The U.S. president’s rhetoric — including past suggestions that Canada should become a “State” — has been widely condemned by trade experts as an affront to national sovereignty.

The standoff now leaves one of the world’s most integrated economic relationships at a crossroads. Trade between the two nations exceeds $900 billion annually, supporting millions of jobs on both sides of the border. But the personal and political friction between the two leaders threatens to undermine that stability.

Aradel Holdings Plc has announced a binding agreement to acquire an additional 40% equity stake in ND Western Limited from Petrolin Trading Ltd, a move that positions the indigenous energy group for greater dominance in Nigeria’s upstream oil and gas industry.

A corporate disclosure filed with the Nigerian Exchange (NGX) on Friday revealed that the deal will be executed through Aradel’s wholly owned subsidiary, Aradel Energy Limited, reinforcing the company’s influence across the Western Niger Delta. The agreement marks one of the most significant transactions in Nigeria’s energy sector this year, consolidating local ownership of key hydrocarbon assets.

Aradel Energy, which already holds a 41.67% stake in ND Western, will see its ownership rise substantially upon completion of the acquisition. The move effectively gives Aradel a controlling influence in ND Western, granting it greater leverage over operations and strategic decision-making.

ND Western itself commands a 45% participating interest in Oil Mining Lease (OML) 34, one of Nigeria’s most prolific onshore assets. OML 34 is renowned for its large reserves of crude oil and associated gas and plays a dual role in Nigeria’s energy ecosystem—supporting both export revenues and domestic gas supply.

The block is also a crucial component of Nigeria’s power generation value chain, feeding major electricity plants through the Utorogu Gas Plant, one of the country’s largest. With approximately 3 trillion cubic feet (Tcf) of gas reserves, OML 34 is pivotal to Nigeria’s ongoing transition towards cleaner, gas-based energy solutions.

Through this deal, Aradel is not only boosting its production portfolio but also reinforcing Nigeria’s broader drive toward indigenous participation in upstream assets, a central goal of the Petroleum Industry Act (PIA).

Strengthening Nigeria’s Local Energy Footprint

The acquisition underscores Aradel’s long-term strategy of securing high-value, cash-generating assets that underpin national energy security.

“The transaction aligns fully with Aradel’s corporate vision for sustained portfolio optimisation, value enhancement, and national energy advancement,” said Chief Financial Officer Adegbola Adesina, who signed the disclosure.

Energy analysts believe the move reflects a new phase in Nigeria’s oil and gas evolution, where indigenous firms are increasingly stepping into roles once dominated by international oil companies. The withdrawal of majors like Shell, ExxonMobil, and TotalEnergies from onshore operations has opened opportunities for local players to take control of assets critical to domestic energy supply.

ND Western also holds 50% ownership of Renaissance Africa Energy Holding Company Limited, which oversees Renaissance Africa Energy Company Limited—operator of the Renaissance Joint Venture (JV). This joint venture is fast emerging as one of Nigeria’s most dynamic indigenous energy alliances, providing a platform for operational expansion, technology exchange, and investment attraction.

The Renaissance JV, comprising ND Western, Aradel Holdings, Waltersmith Petroman Oil, FIRST Exploration & Petroleum Development Company (First E&P), and Petrolin, represents a shift toward cooperative indigenous control of Nigeria’s hydrocarbon resources. The alliance is viewed as a blueprint for future collaboration among local operators, promoting efficiency, shared expertise, and local value retention.

Market analysts believe that consolidating ND Western’s equity gives Aradel a stronger foothold within the Renaissance network, enhancing its access to upstream and midstream growth opportunities. The acquisition is expected to accelerate Aradel’s involvement in Nigeria’s gas monetization agenda, especially as global investors pivot toward cleaner fuels.

Completion of the transaction remains subject to regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC), and the Minister of Petroleum Resources.

Aradel has expressed confidence in obtaining these approvals, emphasizing that it is adhering to all statutory and competition requirements. Regulatory experts say such approvals are crucial to ensuring transparency, fair competition, and alignment with Nigeria’s broader energy transition framework.

Listed on the NGX in 2024, Aradel Holdings is one of Nigeria’s few fully integrated indigenous energy companies, with operations spanning exploration, refining, and gas processing. The company currently produces around 18,000 barrels of oil per day and operates a 100 million standard cubic feet per day (scf/d) gas plant. Its 11,000 bbl/d modular refinery produces diesel, kerosene, and naphtha, reinforcing its position as a domestic energy provider amid Nigeria’s recurring fuel import challenges.

The acquisition further strengthens Aradel’s refining and upstream integration, giving it end-to-end control over the production, processing, and marketing of hydrocarbons. Industry experts note that Aradel’s steady capital discipline and investment in refining capacity make it a model for other indigenous firms seeking to compete globally.

The Consortium and Its Broader Impact

ND Western was incorporated in 2011 as a Special Purpose Vehicle (SPV) to acquire Shell’s divested interest in OML 34. It is jointly owned by Aradel Holdings, Petrolin Trading, FIRST E&P, and Waltersmith Petroman Oil.

Each member of the consortium contributes unique strengths to the group’s operations. Waltersmith, a pioneer in modular refining, operates the Ibigwe Field (OML 16) and produces multiple refined products. In contrast, First E&P, which operates OMLs 83 and 85, produces about 57,000 barrels of oil per day and has exported over 50 million barrels since inception. Petrolin, based in Switzerland, produces around 17,000 barrels of oil equivalent per day across Africa and the Middle East and invests heavily in infrastructure and mining.

Together, these companies have become a cornerstone of Nigeria’s indigenous energy strategy, promoting local content, employment creation, and energy diversification. Their joint ownership of assets like OML 34 ensures that a significant portion of Nigeria’s oil and gas wealth remains within the domestic economy.

Aradel’s acquisition also coincides with a global realignment in energy investment. As international majors pivot toward renewables and divest from mature oil assets, Nigerian independents have been expanding their footprint through strategic acquisitions.

Analysts note that Aradel’s bold move reflects growing investor confidence in Nigeria’s petroleum reforms under the PIA, which seeks to provide fiscal stability and promote indigenous ownership. With Nigeria’s proven gas reserves estimated at over 200 Tcf, the emphasis on gas production and processing represents a major opportunity for local operators like Aradel to lead the next phase of growth.